Schedule 4. — (Amendments of Corporation Tax Acts.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 21 June 1966.

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Photo of Mr Jack Diamond Mr Jack Diamond , Gloucester 12:00, 21 June 1966

No, and the reason is that the structure of the tax is such that it is not likely to give rise to interminable arguments about one small section of the tax code. Of course we have thought about this. We have thought about the difficulties which the Commissioners would have, and the limitations on the Commissioners' powers to arrive at what would be reasonable in a very difficult context, and of treating the matter in some other way and putting it before the Commissioners and letting them have a discretion.

We have not thought very much about the suggestions made by the hon. Member for Chelmsford (Mr. St. John-Stevas) that every inspector of taxes should have a complete discretion and decide what the right amount of tax should be for each subject, the proposal would give rise to interminable difficulties and delays in the procedure and collection of taxes.